Cordray Finds Indirect Auto Lenders Weak on Fair Lending Compliance
July 1, 2013
Responding to queries from Democratic members of the House Committee on Financial Services about the CFPBs activities related to auto fair lending, bureau Director Richard Cordray said that indirect auto lenders have poor fair lending compliance programs, and that failure to monitor auto loans for fair lending compliance has been a contributing factor in discrimination. Back in May, several House Democrats asked how the CFPB would determine fair lending violations for auto loans. In his written response to the lawmakers, Cordray...